How long does a person have to be on a job to purchase a home?
Home Mortgage
stargirl asked:
I am starting a new job soon. I was on my prior job for almost 4 years. Will this prevent me from being eligible for a home mortgage?
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I am starting a new job soon. I was on my prior job for almost 4 years. Will this prevent me from being eligible for a home mortgage?
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February 22nd, 2009 at 9:44 am
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6 months
February 23rd, 2009 at 6:44 pm
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Usually a year, but if you have a large down payment they will excuse your lack of employment.
February 25th, 2009 at 6:24 am
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If you’re new job is a similar career they will consider you as being on the job for the four years prior. What’s almost as important is your credit report and score.
February 28th, 2009 at 6:22 pm
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possibly
March 3rd, 2009 at 10:37 am
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It depends on how much you make and if you have enough down payment. Normally, you can do it without waiting because you continue working, plus they will check your credit. If you have a good credit, you should be fine the mintue you start working. I don’t think you are not eligible for a home mortgage in short time working for one job.
However, if you just started a job, then you may have to wait at least 3-6 months depending on the mortgage company.
March 6th, 2009 at 11:40 am
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I wouldn’t think so. It sounds like you have a good work history and really what the bank likes to see is no bad debt and ability to save as well as stability. My advice would be to apply 6 months in from the start of the new job. Banks love to give out money as long as you have the funds to be able to pay it back I mean shite they’ll just repossess the house if they can’t get their money!!!!! ALL BANKS ARE BASTARDS!!! That’s tongue in cheek!!! But at the end of the day its all business and i have found if you get into problems go see the bank straight away rather than waiting for things to hit the wall. Just do the research and get the knowledge and don’t be scared to ask for what you want just have a good plan. I wish you the best of luck.
March 7th, 2009 at 1:28 am
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just to say, having a new job will have to be at least 6-12 months,you also have a chance because you were at your previous for as long as you say.and residenscy also counts
March 8th, 2009 at 5:42 pm
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your employment history is ok even though they are combined…..what they are looking for is solid employment, good credit history and your income is considered and ability to pay loan payments and other bills….
March 10th, 2009 at 2:36 am
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preferably 2 years.
March 11th, 2009 at 10:35 am
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As anytime that you have a question regarding qualifying for a mortgage, IT DEPENDS. It depend on a multitude of factors. But to make things simple, there are the basic 3 C’s of mortgage lending.
Credit- pretty easy to understand, but generally looking at the credit score but if there is insufficient credit, derogatory or other adverse things, then they will be taken into account.
Capacity- In other words income or your ability to repay. It takes into account how much is coming in verses how would be going out
Collateral- The home: type, location, how much would be borrowed verses what its worth etc..
Back to the question about job history. You can get a home without having a job at all as long as some of these other factors fall into place. However, you would not qualify for as good of a rate as a person with job history. It is also correct that if you have just changed jobs but are still in the same industry, it is if you have been there all along.
Hope this helps, send if you have any additional questions.
March 11th, 2009 at 9:01 pm
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In general you should be on the job for 2 years, it can be in the same field so it doesn’t have to be with one company. You should try to get approved for a home loan at
March 14th, 2009 at 9:39 pm
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I had worked for a mortgage company and they required that a person be on a job for 2 years, or if they had changed jobs it was the same or similar type of work that they were doing. There are other types of qualifications that have to be met, If you have bank and tax statements to prove your income, you don’t have credit problems then you can probably discuss the job stuff with them and they might work with you.